WEBULL

DeNA Co., Ltd. (TSE:2432) surges 3.7%; retail investors who own 32% shares profited along with institutions

Simply Wall St · 1d ago

Key Insights

  • DeNA's significant retail investors ownership suggests that the key decisions are influenced by shareholders from the larger public
  • The top 7 shareholders own 52% of the company
  • Insider ownership in DeNA is 21%

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If you want to know who really controls DeNA Co., Ltd. (TSE:2432), then you'll have to look at the makeup of its share registry. With 32% stake, retail investors possess the maximum shares in the company. In other words, the group stands to gain the most (or lose the most) from their investment into the company.

Retail investors gained the most after market cap touched JP¥271b last week, while institutions who own 30% also benefitted.

Let's delve deeper into each type of owner of DeNA, beginning with the chart below.

Check out our latest analysis for DeNA

ownership-breakdown
TSE:2432 Ownership Breakdown December 12th 2025

What Does The Institutional Ownership Tell Us About DeNA?

Institutions typically measure themselves against a benchmark when reporting to their own investors, so they often become more enthusiastic about a stock once it's included in a major index. We would expect most companies to have some institutions on the register, especially if they are growing.

As you can see, institutional investors have a fair amount of stake in DeNA. This can indicate that the company has a certain degree of credibility in the investment community. However, it is best to be wary of relying on the supposed validation that comes with institutional investors. They too, get it wrong sometimes. It is not uncommon to see a big share price drop if two large institutional investors try to sell out of a stock at the same time. So it is worth checking the past earnings trajectory of DeNA, (below). Of course, keep in mind that there are other factors to consider, too.

earnings-and-revenue-growth
TSE:2432 Earnings and Revenue Growth December 12th 2025

We note that hedge funds don't have a meaningful investment in DeNA. Our data suggests that Tomoko Namba, who is also the company's Top Key Executive, holds the most number of shares at 18%. When an insider holds a sizeable amount of a company's stock, investors consider it as a positive sign because it suggests that insiders are willing to have their wealth tied up in the future of the company. With 14% and 4.7% of the shares outstanding respectively, Nintendo Co., Ltd. and Nomura Asset Management Co., Ltd. are the second and third largest shareholders.

We did some more digging and found that 7 of the top shareholders account for roughly 52% of the register, implying that along with larger shareholders, there are a few smaller shareholders, thereby balancing out each others interests somewhat.

Researching institutional ownership is a good way to gauge and filter a stock's expected performance. The same can be achieved by studying analyst sentiments. There are a reasonable number of analysts covering the stock, so it might be useful to find out their aggregate view on the future.

Insider Ownership Of DeNA

While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders. The company management answer to the board and the latter should represent the interests of shareholders. Notably, sometimes top-level managers are on the board themselves.

I generally consider insider ownership to be a good thing. However, on some occasions it makes it more difficult for other shareholders to hold the board accountable for decisions.

Our most recent data indicates that insiders own a reasonable proportion of DeNA Co., Ltd.. Insiders own JP¥57b worth of shares in the JP¥271b company. That's quite meaningful. Most would say this shows a good degree of alignment with shareholders, especially in a company of this size. You can click here to see if those insiders have been buying or selling.

General Public Ownership

With a 32% ownership, the general public, mostly comprising of individual investors, have some degree of sway over DeNA. This size of ownership, while considerable, may not be enough to change company policy if the decision is not in sync with other large shareholders.

Private Company Ownership

It seems that Private Companies own 3.5%, of the DeNA stock. It might be worth looking deeper into this. If related parties, such as insiders, have an interest in one of these private companies, that should be disclosed in the annual report. Private companies may also have a strategic interest in the company.

Public Company Ownership

We can see that public companies hold 14% of the DeNA shares on issue. It's hard to say for sure but this suggests they have entwined business interests. This might be a strategic stake, so it's worth watching this space for changes in ownership.

Next Steps:

I find it very interesting to look at who exactly owns a company. But to truly gain insight, we need to consider other information, too. To that end, you should be aware of the 1 warning sign we've spotted with DeNA .

Ultimately the future is most important. You can access this free report on analyst forecasts for the company.

NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.